HKMA to Adopt Licensing Regime for Stablecoins in 2023/24

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On 31 January 2023, the Hong Kong Monetary Authority (HKMA) published its Consultation Conclusions on its proposals for regulating payment-related stablecoins set out in its Discussion Paper on Crypto-assets and Stablecoins published a year earlier. Noting generally positive feedback from respondents, the Consultation Conclusions summarise the feedback received and set out the key parameters of a proposed regulatory regime for stablecoins (HKMA’s Proposed Stablecoin Licensing Regime).